Reuters

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The Bottom Line To Investors From Tax Inversions: No Above Average Returns





While it remains to be seen if Obama can put an end to what has been the hottest M&A trend in 2014, namely engaging in tax redomiciling "inversion" deals, it is clear that the C-suite is delighted to continue pursuing deals which minimize the cash outflows to the US Treasury, with some 52 redomiciling deals done since 1983, 22 taking place since 2009 and another 10 being finalized and many more in the works. But what is the track record of tax inversions when it comes to the bottom line, namely investor returns.  According to a Reuters calculation, "companies that have done such "inversion" deals have failed to produce above-average returns for investors."

 
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National Guard Sent To Ferguson After Night Of "Molotov Cocktails, Shootings, Looting And Vandalism "





After three consecutive days of rioting and looting in Ferguson, MO, despite a second night of curfews which was honored by few if any, Missouri's governor said on Monday he would send the National Guard into the violent suburb to "restore calm" after authorities forcibly dispersed yet another crowd overnight.  Gov. Jay Nixon signed an executive order deploying the U.S. state militia, saying demonstrators had thrown Molotov cocktails and shot at police as well as a civilian, a description of the night's events diverging widely from some eyewitness accounts. State Highway Patrol Captain Ron Johnson told a late night news briefing: "Molotov cocktails were thrown, there were shootings, looting, vandalism and other acts of violence that clearly appear not to have been spontaneous."

 
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Frontrunning: August 18





  • Yellen Dashboard Warning Light Glows as Millions Work Part Time (BBG)
  • More US drones boosting global GDP: Unidentified war planes, explosions heard in Libyan capital (Reuters)
  • London Home Asking Prices Plunge Most in More Than Six Years (BBG)
  • Carney - Rate Hike before Pay Recovers (Times)
  • No Fed fireworks, but plenty of clues, expected at Jackson Hole (Reuters)
  • Kurdish, Iraqi forces in control of Mosul dam (Reuters)
  • China Pushes Cleanup of Banks (WSJ)
  • Russia Widens Ruble Trading Band in Move Away From Managed Rate (BBG)
  • Dollar General Makes $9.7 Billion Family Dollar Counterbid (BBG)
  • Autopsy finds unarmed teen killed by police was shot six times (NYT)
  • Bull Market Waning as Barclays Sees 1% Gain for S&P 500 (BBG)
  • Credit Suisse Caught Up in Espírito Santo Mess (WSJ)
 
GoldCore's picture

New ‘LBMA Silver Price’ Farce - Still Shockingly Non Transparent





The farcical process and complete lack of transparency would have to make any fair minded person concerned about the new LBMA Gold Price. The Gold Anti Trust Action Committee (GATA) will allege that the LBMA and the western bullion banks are engaged in a rebranding and repackaging exercise in order to maintain a cosy gold and silver cartel of bullion banks and ultimately control over precious metal prices.

 
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One Shot, In Critical Condition, 7 Arrested After Protesters Break Ferguson Curfew





As we reported last night, when the Ferguson curfew hitting at midnight, while most of the protesters dispersed, many still remained on the streets despite a clear warning by the police department that anyone still rioting/looting/protesting would be arrested. Which is when things went from bad to worse for yet another sequential night, and culminated with the arrest of seven people and the shooting of an unknown person who is currently in critical condition.

 
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Germany Tapped Hillary Clinton: "It Was Unintentional"





About a year after it was first revealed that the US had spied not only on Angela Merkel but on virtually every German citizen, in a remarkable NSA-CIA tag-team joint venture, many were wondering why Germany is taking things so calmly (aside, of course, for the whole "Fed may need to bail out Deutsche Bank at any moment" bit). Turns out the answer is that Germany was doing the same all along and as the German press reveals today, the German Federal Intelligence Service (BND) has tapped at least one phone call of then Secretary of State, Hillary Clinton.

 
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It Begins: Ukraine Troops Destroy Part Of "Armed" Russian Convoy, Stocks Crash





Things just escalated notably - (Via Bloomberg):

*UKRAINE FORCES ATTACK ARMED CONVOY FROM RUSSIA, 'DESTROY' PART OF ARMED CONVOY: LYSENKO
*RUSSIA SAYS IT'S GETTING INFO OF DIRECT THREATS TO CONVOY, SAYS UKRAINE INTENSIFIES MILITARY OPS TO DISRUPT CONVOY

EU & US Stocks and bond yields (and Ruble) are tumbling, gold rising... We await Putin's response... "concerned at attempts to disrupt convoy."

 
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Europe Says Would Consider Any "Unilateral Military Action By Russia A Blatant Violation Of International Law"





While we await to see any actual proof of either a Russian armed convoy entering Ukraine territory, or that this convoy was shelled by Ukraine artillery, because as a reminder this is first and foremost a war of relentless propaganda on all sides, here is the latest from Europe, which moments after stating it may roll back sanctions just announced it is now considering even more actions against Russia. From Reuters:

  • EU FOREIGN MINISTERS SAY WOULD CONSIDER ANY UNILATERAL MILITARY ACTIONS BY RUSSIA IN UKRAINE AS BLATANT VIOLATION OF INTERNATIONAL LAW

So far the only official comment that is missing is that of Russia which has vehemently denied any entrance by an armed convoy into Ukraine and has yet to have any direct statement on the alleged destruction of its assets in Ukraine.

 
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NATO Accuses Russia Of Escalating Ukraine Conflict, Demands Withdrawal Of Russian Troops From Border





"Remember when"... US futures soared by over 60 point in 5 trading days on what was the tiniest hint that Putin may be de-escalating based on a Russian media report citing the Russian security council? Well, NATO disagrees with the momentum chasing algos, and this odd spin coming out of Russia. Moments ago NATO said that Russia, while calling for de-escalation of the Ukraine conflict, had in fact been escalating it.

 
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Frontrunning: August 15





  • Barack Obama's 'vacation from hell' (Politico)
  • Russian aid convoy checked; military vehicles mass near Ukraine (Reuters)
  • Ukraine Says APCs Entered From Russia to Aid Insurgents (BBG)
  • Islamic State Said to Challenge Al-Qaeda for Leadership (BBG)
  • Missouri protests calmer after governor puts black police captain in charge (Reuters)
  • Finally someone will prove the US is a pyramid scheme (in a 1000 page presentation): Ackman’s Pershing Square Sues U.S. Over Fannie, Freddie (BBG)
  • Banks, Financial Firms Load Up on Cheap Debt (WSJ)
  • Putin to Meet Finnish President as Threat of Cold War Grows (BBG)
 
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Ukraine Politics As Usual: "Pot-Bellied Fatty" Shevchenko KOs Deputy Speaker - Caught On Tape





It appears Ukraine's Radical Party leader Oleh Lyashko is a glutton for punishment. In 2011, as Reuters reports, he was throttled and pushed to the ground by former Vice-Speaker Adam Martinyuk after he accused him of hypocrisy; and on a separate occasion Martinyuk threw a glass of water in his face. However, this morning, it got serious after he accused Independent Party Deputy Oleksandr Shevchenko of being a "pot-bellied fatty," who "instead of going to the Donbass and helping our guys, people like him go to parliament and raise their hands." Shevchenko's response - solid right cross to Lyashko's jaw, sending the smaller man staggering. One can't help but wonder how this approach to settling political scores would go down in Washington...

 
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World Reserve Currencies: What Happened During Previous Periods Of Transition?





Global crises wreak havoc on all levels of existence, not to the mention the great cost to human lives. If we are to learn from history, however, it seems as though we might have to nevertheless brace ourselves for yet another one in the near future, as it marks the end of one saeculum and the start of a new economic paradigm aligned more positively with proper balances of trade, debt, and policies. The US is trying to postpone the crisis by printing money, however this is creating currency wars with nearly all major central banks in the world. As history has shown us time and again, causing this delay through money printing will only aggravate the problem, not only not preventing the inevitable, but indeed making the transition more painful and costly.

 
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Ukraine Passes Russian Sanctions Law: Gas Transit Halt Seems Imminent





The Ukrainian parliament approved a law on Thursday to impose sanctions on Russian companies and individuals "for financing terrorism." As Reuters reports, Prime Minister Arseny Yatseniuk told parliament that "by approving the law on sanctions, we showed that the country is able to protect itself." The first 'threat' though - that European energy companies would have to agree major contract revisions when purchasing Russian natural gas, potentially disrupting supplies in the coming winter months - seems suicidal... and EU leaders are not happy. Slovak Premier Robert Fico asked rhetorically, "Isn't it strange that a country, which has signed an association agreement, a country, which we are all trying to help, is taking steps that jeopardize the interests of individual EU members?"

 
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Putin Says The Petrodollar Must Die, "The Dollar Monopoly In Energy Trade Is Damaging Russia's Economy"





PUTIN SAYS RUSSIA SHOULD AIM TO SELL OIL AND GAS FOR ROUBLES GLOBALLY, AS DOLLAR MONOPOLY IN ENERGY TRADE IS DAMAGING ECONOMY

 
GoldCore's picture

Gold Not A Safe Haven? Tell That to Folk in Ukraine, Gaza, Syria and Iraq





This is especially the case in Ukraine where the currency has lost more than half of its value versus gold (see chart above and below). Gold in Ukraine Hrvynia is up 70% since the start of 2014. People who own gold in Ukraine would laugh at you, if you said that gold is not a safe haven. As would people in many countries in South America, the Middle East and Africa.

 
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